MUMBAI: Global economic meltdown and recessionary fears have affected India’s gold imports. Gold imports to India have declined to around 720 tonnes for the year 2008.
In 2007, India’s gold imports had stood at 862 tonnes. The decline in gold import in 2008 is said to be mainly caused by high prices in the yellow metal and volatile market conditions.
The figures of 720 tonnes of gold was given by international consultancy GFMS. It said India’s gross imports in 2008 were an estimated 720 tonnes as compared with 862 tonnes in 2007.
India is the world’s largest consumer of gold. Gold analysts have predicted that 2009 will be a difficult year for gold sales in India as demand has declined for the yellow metals thanks to market meltdown and less consumer spending.
Source : Commodityonline